Getting Started

Laying the Cornerstone of a College Savings Fund

As you gaze lovingly into your infant’s eyes, it’s probably hard to imagine him or her heading off to college. Although that day may seem a long way off, it will arrive sooner than you think. In tomorrow’s world, a good college education may be even more critical for success than it is today. To help your child get a head start to a secure future, begin by starting a college savings program as early as possible.

College tuition costs keep increasing yearly with no apparent end in sight, although the pace of the increases has slowed in recent years. Still, with the average cost at private colleges exceeding $36,000 per year (Source: National Center for Education Statistics (NCES). November 2022.), the projected four-year cost at a private college for today’s newborn is staggering.

These numbers can easily overwhelm you, especially if you are already juggling other financial concerns. Yet, the sooner you start saving, the better. The longer you delay, the more difficult it may be to reach your funding goal. Even if you can only afford to begin putting away a small sum, saving regularly will pay off in the long run.

Personal Savings are especially important as a source of college funds since it’s the one area over which you have the most control. While other sources of education funding are also available, it helps to understand what to expect before counting on them. Here are a few worth noting:

With uncertainty surrounding all funding options except savings, it’s important to make personal savings a cornerstone of your college funding program. Put time on your side—start your child’s education fund now! Consider talking to a financial professional for valuable ideas on how to get started.